Newcastle United fans participate in a lighthearted demonstration at the influx of French players to the club. Photograph: Ian Walton/Getty Images

A French tricolour emblazoned with "Le Toon" fluttered amid the travelling fans at Newcastle on Tuesday night, a tribute to the latest influx of talent from across Channel. In France, meanwhile, all that is fluttering is a tear-stained handkerchief, as Ligue 1 bids farewell to ever-increasing numbers of top players. Several more will probably depart before the transfer window shuts on Thursday.

When the France president François Hollande announced his intention to impose a 75% tax on footballers' salaries, he thought he would be feted as an egalitarian. Many did support the proposal, but football clubs were aghast and complained it would be "the death of French football" and counterproductive, as it would trigger an exodus of players and achieve nothing but the ruin of clubs because television income and attendances would fall. The league estimated the measure would cost French clubs €1bn. Hollande eventually backed down, yet the exodus of players from Ligue 1 is gathering pace.

Eden Hazard leaving Lille for the European champions, Chelsea, was a move that alarmed no one, as was Olivier Giroud's to Arsenal. Folks have long been accustomed to such transfers, especially since the early 1990s when France became a major exporter of talent, as the fruit of Clairefontaine was plucked by top clubs in England, Italy, Spain and Germany. But now internationals are leaving for low-ranking foreign clubs.

"The bottom club in England has just nicked one of our best players! Does that not make you wonder?" bawled the Rennes manager Frédéric Antonetti two weeks after his team lost 2-0 at home to Bordeaux, with Harry Redknapp eagerly watching Yann M'vila from the stands. As it turned out, of course, M'vila decided to eschew Redknapp's advances and instead joined Rubin Kazan but Antonetti's point remained valid: "France is going off the rails economically … our teams are limited."

Virtually every team in the French top-flight is tightening its belt, the glaring exception being Qatari-owned Paris Saint-Germain. While Premier League clubs are set to enjoy a 71% rise in TV income next season, the Ligue 1 TV deal seems set to drop. The result is that most clubs are willing to listen to offers for players and players are willing to go.

Not only is there still talk of imposing a supertax on the rich but there are an growing number of destinations for players to choose from. With power in football increasingly globalised, there is a rising stream of players opting to emulate M'vila and head to Russia, Turkey, the Middle East, China or Brazil.

In the past a striker such as Guillaume Hoarau or Loic Rémy might have gone to other French clubs once they became surplus at PSG and Marseille respectively, but those clubs can no longer compete, so Rémy followed Stéphane Mbia to QPR and Hoarau went to Dalian Aerbin in China. Similarly, the Brazilian midfielder Nene, one of the leading Ligue 1 assist-providers in recent seasons, left PSG not for Lyon or Lille, but for Al-Gharafa in Qatar.

Joey Barton may be flying the flag for England in Ligue 1, but somehow that does not redress the balance.